MGRC vs VXX: Correlation
How closely do McGrath RentCorp (MGRC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGRC and VXX?
On 3 years of weekly data the MGRC/VXX correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.07 versus -0.29 over 3 years. The 5-year figure is -0.31, and annualized covariance runs at -468.3 %².
Out of 10 assets tracked against MGRC, VXX lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with MGRC ahead by 42.2 points (-7.5% versus -49.7%). Note the risk asymmetry: VXX runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
MGRC vs VXX: side by side
| MGRC (McGrath RentCorp) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.5% | -49.7% |
| 5-year return | +79.8% | -95.6% |
| Volatility (ann.) | 26.1% | 60.9% |
| Beta vs S&P 500 | 0.65 | -3.31 |
| Max drawdown (3Y) | -24.9% | -83.3% |
| Market cap | $2.8B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 1.72% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGRC | VXX |
|---|---|---|
| 2022 | +25.8% | -23.8% |
| 2023 | +23.5% | -72.5% |
| 2024 | -4.9% | -26.2% |
| 2025 | -4.6% | -42.2% |
| 2026 | +9.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGRC and VXX good diversifiers for each other?
Yes. With a correlation of -0.29, MGRC and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MGRC and VXX?
As of 2026-08-27, the correlation of weekly returns between MGRC and VXX is -0.29 over 3 years, -0.07 over 1 year and -0.31 over 5 years.
Is VXX a good diversifier for MGRC?
Yes. With a correlation of -0.29, MGRC and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mgrc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mgrc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MGRC correlations · VXX correlations
